Human Genome Sciences Announces July 16 As The Date For Submission Of Definitive Acquisition Proposals
Human Genome Sciences, Inc. recently announced that, in connection with its ongoing strategic alternative review process, it had previously set a bid date of July 16, 2012 for the submission of definitive proposals to acquire all outstanding common shares of HGS. In this regard, HGS yesterday sent a letter to GlaxoSmithKline (GSK) once again inviting GSK to participate in the ongoing process according to the same procedures previously established and to provide, by no later than July 16, 2012, GSK’s final bid terms, including a response to a draft agreement which will be provided to all interested bidders. The letter specifically noted that the HGS Board of Directors has previously rejected $13.00 per share as inadequate.
HGS is committed to completing its exploration of strategic alternatives in a manner that ensures that HGS stockholders have the benefit of a complete and fair process and welcomes GSK to fully participate in such process.
There can be no assurance that the timing of the process will not change or that the process being conducted will result in any transaction. HGS does not intend to comment further on the process unless and until an agreement in principle or definitive agreement is signed, except as otherwise required by law.
About Human Genome Sciences
Human Genome Sciences exists to place new therapies into the hands of those battling serious disease. For more information, visit www.hgsi.com.
SOURCE: Human Genome Sciences, Inc.